RBI revises agency commission rates for banks

Mumbai, May 8 (UNI) The Reserve Bank of India (RBI) today revised the rates of agency commission payable to banks for the conduct of government business following representation from the banks that the existing rates of agency commission did not compensate them adequately and that there has been a reduction in the commensurate commission receivable by them.

In a release issued here today, the apex bank stated that it had taken a particular note of the complaint of the agency banks that they remained out of funds for a few days on account of high value payments on behalf of the government.

As per the revised rates, there would be no change in the rates for receipts and pension payments which will remain at Rs 45 and Rs 60 per transaction respectively, while for other payments an additional nine paise per Rs 100 turnover will be charged as against the existing Rs 50 per transaction.

The above rates shall be effective from July 1, stated the release.

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